Form Kpc - Partner'S Share Of Income, Credits And Modifications - 2012 Page 2
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3Schedule KPC Instructions 2012
Corporation and partnership partners’ use of information provided on Schedule KPC .
Purpose of Schedule KPC
Line Instructions
S corporations: Pass this information
through, pro rata, to shareholders on Sched-
Schedule KPC is a supplemental schedule
Line 1—Nonapportionable Minnesota
ule KS, line 2.
for partners who are corporations or part-
Source Income
C corporations: Include this amount on
nerships.
Partnerships: Pass this information through,
Form M4T, line 4.
pro rata, to partners on Schedule KPI or
The partnership listed on the front of this
KPC.
schedule has provided you with a completed
S corporations: Use this amount to help
schedule that reflects your specific share
determine your Minnesota taxable income.
Line 7—Exempt Interest Income
of the partnership’s income, credits and
C corporations: Include this amount on
Partnerships: Use this amount to help deter-
modifications. You will need this informa-
Form M4I, line 2c.
mine your Minnesota taxable income.
tion to complete Form M4, Corporation
S corporations: Pass this information
Franchise Tax Return, Form M8, S Corpo-
Line 2—Total Nonapportionable Income
through, pro rata, to shareholders on Sched-
ration Return, or Form M3, Partnership
C corporations: Include this amount on
ule KS, line 1. Exclude any interest income
Return, and you must include this schedule
Form M4I, line 8.
from Minnesota state and municipal bonds.
when you file your return. If the schedule is
S corporations: Not applicable.
not included, the department will disallow
Partnerships: Pass this information through,
any credits and assess the tax or reduce your
Partnerships: Pass this information through,
pro rata, to partners on Schedule KPI or
refund.
pro rata, to any corporate or partnership
KPC.
partners on Schedule KPC. This line does
These instructions are intended to help
Line 8—Federal Bonus Depreciation
not apply to individual, estate or trust
you report your share of the partnership’s
C corporations: Include this amount on
partners.
income, credits and modifications on your
Form M4I, line 2j. Enclose a copy of this
Minnesota return.
Lines 3 and 4—JOBZ Business and In-
schedule with Form M4.
vestment Income
There may be other items that a corporate
S corporations: Pass this information
C corporations: Lines 3 and 4 do not apply
partner would need to know in order to
through, pro rata, to shareholders on Sched-
to C corporation partners.
complete its corporate franchise tax return.
ule KS, line 5.
S corporations: Pass the amounts from lines
If applicable, the partnership should pass
Partnerships: Pass this information through,
that information through to you.
3 and 4 through, pro rata, to shareholders
pro rata, to partners on Schedule KPI or
on Schedule KS, line 10.
If you received an amended Schedule KPC
KPC.
from the partnership and your income or
Partnerships: For your individual, estate and
Line 9—Federal Subsidies for Prescrip-
deductions have changed, you must file an
trust partners, pass the amounts from lines
tion Drug Plans
amended Minnesota return.
3 and 4 through, pro rata, on Schedule KPI,
C corporations: Include this amount on
line 10.
To file an amended return, use:
Form M4I, line 2l. Enclose a copy of this
For your partnership partners, pass the
schedule with Form M4.
• Form M4X, Amended Franchise Tax
amounts from lines 3 and 4 through, pro
Return, if you are a corporate partner;
S corporations: Pass this information
rata, on Schedule KPC, lines 3 and 4.
through, pro rata, to shareholders on Sched-
• Form M8X, Amended S Corporation Re-
For your S corporation partners, pass the
ule KS, line 6.
turn, if you are an S corporation partner;
amount from line 3 through, pro rata, on
or
Partnerships: Pass this information through,
Schedule KPC, line 3.
• Form M3X, Amended Partnership Return,
pro rata, to partners on Schedule KPI or
Lines 3 and 4 do not apply to C corporation
if you are a partnership partner.
KPC.
partners.
Line 10—Section 179 Expensing
Sale of a Partnership Interest
Line 5—Partnership’s Minimum Fee
C corporations: Include this amount on the
C corporations: Include this amount on
appropriate line in the worksheet for Form
Income from the sale of a partnership
Form M4I, line 2a.
M4I, line 2m. Enclose a copy of this sched-
interest by an entity that is domiciled in
ule with Form M4.
another state is assignable to Minnesota. To
S corporations: Not applicable.
determine the amount assigned to Minne-
S corporations: Pass this information
Partnerships: Pass this amount through,
sota, divide the original cost of the partner-
through, pro rata, to shareholders on Sched-
pro rata, on Schedule KPC, line 5, to your
ship’s tangible property within Minnesota
ule KS, line 4.
corporate and partnership partners. Line 5
by the original cost of all tangible property
does not apply to individual, estate or trust
Partnerships: Pass this information through,
of the partnership. If you don’t have these
partners.
pro rata, to partners on Schedule KPI or
numbers, contact the partnership.
KPC.
Line 6—State Income Tax Deducted
If more than 50 percent of the value of the
C corporations: Include this amount on
partnership’s assets are intangibles, the gain/
Form M4I, line 2a.
loss is allocated to Minnesota using the
partnership’s prior year sales factor.
Continued
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